Digital Transformation Slows Down the Global Economy
Small Business Supports the Consumer Behavior in the U.S. Holiday Week
By Shubhendra Anand , 28 December, 2023
In the United States, November 2023 is expected to see an increase in sales, where small retailers are reported to support several jobs in the nation. The sales during the United States' holiday week depend on consumers' buying patterns.
To support small retailers and local businesses, the United States has started an initiative of Small Business Saturday. It helps to drive the companies of small businesses majorly in the economy. This small initiative contributes immensely to the holiday week by increasing online sales and assisting consumers with necessary local produce. Based on survey data for 2023, the Small Business Saturday accounted for USD 17.9 billion in expenditures at independent retailers and others. According to the US Chamber of Commerce, small businesses in the United States are reported to be up to 33.2 million. Small businesses in the United States account for 99.9 percent as of 2023, as they have more impact on the economy. As per the expert's definition, small companies are independent firms comprising less than 500 employees.
In the first quarter of 2023, 50 percent of small business owners noted that current access to capital in the United States is fair enough. The data recorded for the small business groups in the first phase of 2023 is slightly lower than that of 2022, with 54 percent access to capital. According to the research, small business owners spend work hours compared to big business firms to increase sales and meet consumer demands.
Therefore, consumers are supporting local businesses to enhance the country's economy. Consumer purchasing behavior is changing amidst the fluctuating economic conditions of the nation. Consumer spending was lower throughout 2023, while the holiday season increased in the United States as the buyers could manage their budget well by lowering expenditure on other sectors. Small businesses must prove beneficial as they can provide more budget-friendly goods and services than big firms.
Percentage of small business that use the following to find capital or financing to grow
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Shubhendra Anand
Head Research
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